Proposals to give the Crown Estate more investment and borrowing powers have been supported in the Commons, after MPs were told the change will return more money to taxpayers and aid the transition to net zero. Treasury minister Darren Jones said the Government will bring the outdated Crown Estate Act 1961 into the modern age, as he opened the Bill’s second reading.
However, during the debate Plaid Cymru MP Llinos Medi criticised the “huge extraction of wealth” from Welsh communities and called for Wales to be given devolved control over the Crown Estate. The Crown Estate is an independent company which belongs to the monarch for the duration of their reign. The value of its land and assets are worth an estimated £15.5 billion, £853 million of which are in Wales.
The revenue from its property portfolio flows directly to the Treasury, but 25% of the annual profits go to pay for the monarch’s official duties. The estate also owns the UK seabed out to 12 nautical miles and has jurisdiction over new offshore wind farms.
On Tuesday, Mr Jones said changes to the Bill were necessary to “deliver returns for the public purse”. He said: “The purpose of this Bill is to bring legislation governing the Crown Estate into the 21st century. “The Crown Estate is a commercial business, independent from Government, that operates for profit and competes in the marketplace for investment. Yet it is restricted in its ability to do so by legislation that has not been amended since 1961.
